TDB Digest – What’s Cooking in the FinTech and Banking Industry (Issue 5)

TDB Digest

Digital Banking News

  • UOB launched TMRW – it’s digital bank for the ASEAN in Indonesia last week. TMRW was first launched in Thailand in 2019 and within the span of a year has paved way into Indonesia. This award winning digital bank was recognised by The Digital Banker in various digital award categories. TMRW simplifies banking, translating transaction data into actionable insights using AI and data analytics in-turn helping customers save and spend accordingly.

Fintech and Bank Collaboration

  • Standard Chartered and Truera: The bank has partnered with Truera, a US based start-up to and will use Truera’s Model Intelligence to improve the machine learning and artificial intelligence based decision making while removing unjust biases which result in unfair decisions. Standard Chartered – active proponents of use of data analytics and AI will also continue working with Truera to use and improve the intelligence platform across several AI use

Singapore in Focus

  • Grab  – a leading fintech platform in south-east Asia announced a suite of financial products and services via Grab Financial Group. Building on last year’s ‘Grow with Grab’ initiative which focused on merchant financial services, the company is now fostering the “Thrive with Grab” initiative, a “consumer ecosystem by launching new lending, wealth and insurance products in Singapore and the region in order to provide financial services for consumers”. Under this initiative, AutoInvest – micro-investment solution will drive range of consumer offerings such as  invest small sums, consumer loans via our third-party loan platform and buy-now-pay-later payment schemes.
  • The Monetary Authority of Singapore (MAS) recently reviewed its Significantly Rooted Foreign Bank (SRFB) framework and granted Standard Chartered Bank (Singapore) Limited (SCBSL) to qualify as the 1st SRFB. One of the privileges that StanChart can now exercise is establishing up to 50 places of business (POBs) of which up to 35 may be branches. Under the enhancement of this framework, MAS will also consider granting a full banking license which will enable SRFBs to operate as Singapore-incorporated banks.
  • The Monetary Authority of Singapore (MAS) recently announced a collaboration with National Research Foundation (NRF) and the National University of Singapore (NUS), to establish the Asian Institute of Digital Finance (AIDF) to foster research and innovation in the digital finance and fintech landscape through a Master’s program with scholarship opportunities to pursue at doctoral level.

Sustainable Banking

  • Citibank recently detailed its new five year plan to aid and accelerate its goal to transition to a low-carbon economy. The new strategy – 2025 Sustainable Progress Strategy will include “$250 Billion Environmental Finance Goal to finance and facilitate climate solutions globally”, measure climate risks in its portfolios, financing of projects in renewable energy, clean technology, circular economy, etc. It is noteworthy that Citi achieved its previous 5-year $100 billion strategy announced in 2015 a year ahead of schedule. Asia Pacific Citi is already 100 percent powered by renewable electricity.
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